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"Qualifying Rent" means a monthly rent which does not exceed one-twelfth of 30% of 50% of AMI less a utility allowance and such other adjustments as required pursuant to California Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.), HOME Program regulations under 24 CFR 92.252(b), and the requirements applicable to the use of state and federal low-income housing tax credits. For HOME-assisted units as described in Section 2.1 a below, annual rents shall not exceed the "Low HOME Rent Limits" for the applicable unit size as published annually by the U.S. Department of Housing and Urban Development (HUD). "Restricted Unit" means a dwelling unit which is reserved for occupancy at a Qualifying Rent by a Very Low-Income household in accordance with and as set forth in Sections 2.1 and 2.2. "Very Low-Income" means an annual gross household income that is less than or equal to fifty percent (50%) of AMI. 2. Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its successors and assigns, that the Property shall be used solely for the construction and operation of a 51-unit senior rental housing development in compliance with the OPA, the development approvals granted by the City of San Leandro, and the requirements set forth herein. Owner represents and warrants that it has not entered into any agreement that would restrict or compromise its ability to comply with the occupancy and affordability restrictions set forth in this Agreement, and Owner covenants that it shall not enter into any agreement that is inconsistent with such restrictions without the express written consent of Agency and City. Notwithstanding the foregoing or anything to the contrary contained herein, if the terms of financing for the Project require greater affordability restrictions than those imposed hereby, the requirements of such other financing shall prevail for the term thereof. 2.1 a HOME Restrictions. For a term of fifty-five (55) years commencing upon the date of City's issuance of a final certificate of occupancy for the Project, the Project shall include eleven (11) floating residential units for very low income households as defined by and in accordance with and regulated by 24 CFR Part 92 (the "HOME Assisted Units"). Any residential unit in the Project may be substituted for another residential unit in the Project designated as a HOME Assisted Unit in order to maintain compliance with this Section. Owner shall comply with lease terms for HOME Assisted Units as governed by 24 CFR Part 92.253, and with all other applicable federal HOME requirements set forth in 24 CFR Part 92.350-358. Rents for HOME Assisted Units shall not exceed the Low Home Rent Limits published annually by HUD. Units that qualify as HOME Assisted Units shall count toward satisfaction of the number of Rent- Restricted Units required pursuant to Section 2.2. 2.1 Senior Housing. For a term of fifty-five (55) years commencing upon the date of issuance of a final certificate of occupancy for the Project fifty (50) of the dwelling units in the Project shall be restricted for occupancy by households in which at least one member is a person 62 years of age or older. Residency by other persons in 956619-4 Q